Tuesday, March 03, 2015, 12:47 p.m.

EU lawmakers threaten to veto tightened budget

BRUSSELS  The leaders of the European Parliament are threatening to veto the bloc’s multi-annual budget because of its deep cuts.

The Christian Democratic EPP, the largest group in the legislature, said the seven-year budget worth $1.28 trillion must be revised to realistically reflect the EU’s growing competences and responsibilities.

Socialist leader Hannes Swoboda called the budget, which needs parliament’s approval, unacceptable and said there won’t be a majority for the proposed plan.

The EU’s 27 member states earlier this month agreed on a budget deal that foresees the first cuts in the bloc’s history for the years 2014-2020.

EU President Herman Van Rompuy defended the plan as shifting funds toward growth-friendly investment while recognizing the need to tighten belts currently felt across Europe.